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Vilamoura up for sale?

Reports in the financial press this week in Portugal has revealed that part of Vilamoura has been put up for sale by the American fund Lone Star. Lone Star is also currently negotiating the purchase of 75 percent of Portuguese bank Novo Banco.

An initial report by Jornal de Negócios indicates that the private equity fund is looking to offload sections of its Vilamoura assets, with Spanish real estate consultancy and managers Aguirre Newman reportedly among those interested.Vilamoura World, which currently manages the Algarve resort that covers 1,700 hectares, when contacted by The Portugal News, opted not to comment. The news comes after Lone Star purchased large parts of the resort in March 2015.Estimates are that if any potential sale were to go ahead that it would not be complete before the end of 2017.Other reports meanwhile indicate that undeveloped land and Vilamoura’s iconic marina will be part of a future proposed deal.Lone Star reportedly paid 200 million euros for its share of the resort back in 2015, after Catalunya Banc, held by BBVA, paid previous owner André Jordan 360 million euros for the resort’s transferrable real estate assets.

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